I applaud your efforts to teach your daughter the basics of FINANCE.My youngest daughter (& RE investor) was recently in a wedding party where the groom (PharmD) belatedly discovered his bride (MBA) had >$45k in student loans.

I have a wedding to be at that weekend in Chicago :(

The only nervousness i had going into this was the fact that we are paying for our wedding thats in Sept, and renovations to our first apt.

There are other metrics too, but in your case the opportunity is considered a value add play and the overall investment theme is how you can improve value through a turn around, what the property delivers in terms of NOI at closing Vs what the property NOI could be after turning the property around. 

That's often a good place to start.In that same theme, if you start adding features that nothing in your area has, then there's no market data for the appraiser to extract value from, meaning the appraiser would either give it zero value, or an ultra-conservative guess at value. 

The common theme of people who default on their storage units are often huge unpaid medical bills, some type of addiction, or legal issues.

One common theme I keep hearing is "consistency" and "persistence" and I'm glad it's being said.

"However when (insert protected class) had a mouse urinate on her wedding dress stored in the basement you didn't pay to have it professionally cleaned".Just my 2 cents and good luck on whatever you decide.

Another big company developed Konocti Riveria's  they at least put in paved roads and water but not enough water capacity to build out and all the lots need septic and many don't perc... so that was an issue.then you have Boise Cascade comes in and builds Hidden Valley lake following their theme of big development private lake golf course etc.. think Lake Wildwood  etc Boise built 27 of those up and down the Seirra water sheds..

We were married on Sanibel Island and we're lucky enough to to have our wedding filmed as part of the official Sanibel Island music video with our appearance first @ 4:12 into the video http://www.youtube.com/watch?